Range Resources Corp. (RRC) Receives “Hold” Rating from Nomura
Nomura reiterated their hold rating on shares of Range Resources Corp. (NYSE:RRC) in a research note issued to investors on Monday. They currently have a $45.00 price target on the oil and gas exploration company’s stock.
A number of other brokerages have also recently issued reports on RRC. Vetr cut Range Resources Corp. from a hold rating to a sell rating and set a $44.39 target price on the stock. in a report on Tuesday, June 21st. Jefferies Group reiterated a buy rating and issued a $50.00 target price (up from $45.00) on shares of Range Resources Corp. in a report on Sunday, July 10th. Imperial Capital upgraded Range Resources Corp. from an in-line rating to an outperform rating and increased their target price for the stock from $45.00 to $55.00 in a report on Thursday, July 14th. Deutsche Bank AG dropped their price objective on Range Resources Corp. from $45.00 to $40.00 and set a hold rating on the stock in a research note on Tuesday, June 14th. Finally, Simmons initiated coverage on Range Resources Corp. in a research note on Wednesday, July 13th. They set an overweight rating and a $52.00 price objective on the stock. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and seventeen have given a buy rating to the company’s stock. Range Resources Corp. currently has a consensus rating of Hold and an average target price of $44.35.
Shares of Range Resources Corp. (NYSE:RRC) opened at 39.11 on Monday. The company’s market cap is $6.52 billion. The stock has a 50 day moving average of $39.54 and a 200-day moving average of $40.14. Range Resources Corp. has a 12 month low of $19.21 and a 12 month high of $46.96.
Range Resources Corp. (NYSE:RRC) last issued its earnings results on Tuesday, July 26th. The oil and gas exploration company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.07. Range Resources Corp. had a negative return on equity of 14.57% and a negative net margin of 71.00%. The company had revenue of $362.67 million for the quarter, compared to analysts’ expectations of $327.40 million. During the same period last year, the business earned $0.01 EPS. Range Resources Corp.’s quarterly revenue was down 10.4% compared to the same quarter last year. Equities analysts forecast that Range Resources Corp. will post ($0.21) earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Friday, September 16th were given a $0.02 dividend. The ex-dividend date of this dividend was Wednesday, September 14th. This represents a $0.08 dividend on an annualized basis and a yield of 0.20%. Range Resources Corp.’s payout ratio is -1.42%.
In other Range Resources Corp. news, COO Ray N. Walker, Jr. sold 13,350 shares of Range Resources Corp. stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $37.53, for a total value of $501,025.50. Following the transaction, the chief operating officer now directly owns 42,598 shares of the company’s stock, valued at approximately $1,598,702.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gregory Gene Maxwell purchased 1,000 shares of the firm’s stock in a transaction on Tuesday, September 27th. The stock was bought at an average cost of $37.00 per share, for a total transaction of $37,000.00. Following the completion of the purchase, the director now directly owns 12,211 shares in the company, valued at $451,807. The disclosure for this purchase can be found here. 2.40% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in RRC. Wetherby Asset Management Inc. boosted its position in shares of Range Resources Corp. by 0.8% in the second quarter. Wetherby Asset Management Inc. now owns 7,965 shares of the oil and gas exploration company’s stock worth $344,000 after buying an additional 64 shares during the period. Eagle Boston Investment Management Inc. boosted its position in shares of Range Resources Corp. by 1.1% in the second quarter. Eagle Boston Investment Management Inc. now owns 10,919 shares of the oil and gas exploration company’s stock worth $471,000 after buying an additional 122 shares during the period. Advantus Capital Management Inc boosted its position in shares of Range Resources Corp. by 0.8% in the second quarter. Advantus Capital Management Inc now owns 16,370 shares of the oil and gas exploration company’s stock worth $706,000 after buying an additional 127 shares during the period. World Asset Management Inc boosted its position in shares of Range Resources Corp. by 0.9% in the second quarter. World Asset Management Inc now owns 15,999 shares of the oil and gas exploration company’s stock worth $690,000 after buying an additional 136 shares during the period. Finally, Sumitomo Mitsui Asset Management Company LTD boosted its position in shares of Range Resources Corp. by 1.1% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 13,420 shares of the oil and gas exploration company’s stock worth $578,000 after buying an additional 145 shares during the period.
Range Resources Corp. Company Profile
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company operates through the exploration and production of natural gas, NGLs and oil in the United States segment. The Company is engaged in the exploration, development and acquisition of natural gas and oil properties, focused in the Appalachian region of the United States.
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